(Reuters) – A cryptocurrency platform that lost access to millions of dollars when the founder died with sole knowledge of corporate passwords has been given a temporary exclusion from the creditor.
Halifax judge Michael Wood on Tuesday ordered a 30-day stay that excludes claims for a claim against Quadriga, a Canadian cryptocurrency exchange that has left thousands of investors without their money after the death of founder Gerald Cot. Customers have threatened trials.
Ernst & Young has been appointed the company's third party to help Quadriga finance during the process.
Mr. Cotten, who died in December of complications from Crohn's disease while in India, was the only person who had passwords for digital wallets containing $ 1
"Despite repeated and diligent searches, I have not been able to find (the passwords) written down anywhere," said his widow Jennifer Robertson in an affidavit.
A court file indicates Quadriga owed 115,000 users, equivalent to $ 250 million ($ 190.46). The document showed that Quadriga has $ 30 million in bank draft, many of which have had problems depositing.
Lawyer Maurice Chiasson told the court that the company wants time to find the $ 250 million it owes users. According to court applications, the company is considering selling its platforms to cover its debts.
The current wallet was "cold", which means it was not connected to the internet to prevent hacking.
Cole Diamond, CEO of Coinsquare in Toronto, said it is unusual to keep a cool wallet under a signature.